Taxation-Federal Commons^™

The Hidden Tax Game, Doron Narotzki

William & Mary Business Law Review

Taxation is not just a legal duty; it is a game, and the best players always win. While governments rely on laws and penalties to enforce compliance, corporations, high-net-worth individuals, and elite tax strategists exploit loopholes, turning complexity into opportunity. This Article argues that tax avoidance is not a flaw in the system, but an expected outcome. Modern tax law does not just permit avoidance; it actively encourages it. The more intricate the rules, the more valuable it becomes to manipulate them.

Using game theory as an analytical lens, this Article reframes taxation as a high-stakes competition, where strategic players …

Crypto Assets And The Problem Of Tax Classifications, Eric D. Chason

Faculty Publications

To date, Internal Revenue Service (I.R.S.) guidance on cryptocurrencies has been thin. When the I.R.S. has issued guidance, it occasionally mishandles the technical details (such as confusing air drops and hard forks). More personnel (and personnel with greater technical expertise) would allow the I.R.S. to keep pace with the explosive growth of cryptocurrency. Nevertheless, the I.R.S. could better leverage its existing resources by focusing on select issues and seeking enabling legislation from Congress. Specifically, the I.R.S. should focus on crypto issues occurring on a system-wide basis and not requiring taxpayer-specific considerations.

For example, determining whether Bitcoin is a “security” under …

Ground Zero: The Irs Attack On Syndicated Conservation Easements, Beckett G. Cantley, Geoffrey C. Dietrich

William & Mary Environmental Law and Policy Review

On June 25, 2020, the Internal Revenue Service (“IRS”) announced a settlement initiative (“SI”) to certain taxpayers with pending docketed cases involving syndicated conservation easement (“SCE”) transactions. The SI is the current culmination of a long series of attacks by the IRS against SCE transactions. The IRS has recently found success in the Tax Court against SCEs, but the agency’s overall legal position may be overstated. It is possible that the recent SI is merely an attempt to capitalize on leverage while the IRS has it. Regardless, the current state of the law surrounding SCEs is murky at best. Whether …

A Tax On The Clones: The Strange Case Of Bitcoin Cash, Eric D. Chason

Faculty Publications

No abstract provided.

Reforming The Charitable Contribution Tax Deduction: Accounting For Random Acts Of Charity, Janene R. Finley

William & Mary Business Law Review

Concern for the tax treatment of charitable contributions has increased as a result of the Tax Cuts and Jobs Act of 2017. Although the new law increased the limitation of deductible charitable contributions to 60 percent of adjusted gross income, the standard deduction was also increased. Increasing the standard deduction is expected to reduce the number of taxpayers who are able to itemize their deductions in the next tax year, which is expected to reduce charitable giving in the future. This Article discusses proposals to amend the Internal Revenue Code to promote charitable giving, including a non-itemizer deduction. In addition, …

Cryptocurrency Hard Forks And Revenue Ruling 2019-24, Eric D. Chason

Faculty Publications

No abstract provided.

Federal Tax Update (Powerpoint), Stephen L. Owen

William & Mary Annual Tax Conference

No abstract provided.

Federal Tax Update (Powerpoint), Stephen L. Owen

William & Mary Annual Tax Conference

No abstract provided.

Permitting Abused Spouses To Claim The Earned Income Tax Credit In Separate Returns, Fred B. Brown

William & Mary Journal of Race, Gender, and Social Justice

No abstract provided.

The Enigma Of Wynne, Edward A. Zelinsky

William & Mary Business Law Review

The five-justice Wynne majority used that case to make a major statement about the dormant Commerce Clause. In many respects, Wynne is an enigma that perpetuates an inherent problem of the Court’s dormant Commerce Clause doctrine: the Court declares some ill-defined taxes as unconstitutionally discriminatory because they encourage in-state investment, while other economically equivalent taxes and government programs that similarly encourage intrastate economic activity are apparently acceptable under the dormant Commerce Clause.

Wynne is thus more important than the immediate situation it addresses, and will have consequences beyond the immediate circumstances it addresses. A decision as enigmatic as it is …

Federal Tax Update, Stephen L. Owen

William & Mary Annual Tax Conference

No abstract provided.

Basing Budget Baselines, David Kamin

William & Mary Law Review

Measuring the cost of legislation or even projecting the course of the federal budget requires defining a budget baseline—a starting point capturing the current state of the budget. Budget baselines underlie most measures employed in federal budget debates and enforcement rules. Yet, despite their widespread use, budget baselines engender considerable confusion and abuse.

For instance, when legislators enact temporary tax breaks, the breaks are officially estimated to cost far less than they likely will because of a loophole in federal budget baseline rules. Then, later efforts to extend the tax cuts are counted as increasing deficits when, in fact, by …

Net Investment Income Tax Planning, Jeanne M. Sullivan

William & Mary Annual Tax Conference

No abstract provided.

Structuring And Restructuring Deals In 2014 (And Beyond), Stephen L. Owen

William & Mary Annual Tax Conference

No abstract provided.

Recent Developments & Tax Planning For High Income Taxpayers, Cameron N. Cosby, Brian J. O'Connor

William & Mary Annual Tax Conference

No abstract provided.

Taxation Without Representation: The Illegal Irs Rule To Expand Tax Credits Under The Ppaca, Jonathan H. Adler, Michael F. Cannon

Faculty Publications

The Patient Protection and Affordable Care Act (PPACA) provides tax credits and subsidies for the purchase of qualifying health insurance plans on state-run insurance exchanges. Contrary to expectations, many states are refusing or otherwise failing to create such exchanges. An Internal Revenue Service (IRS) rule purports to extend these tax credits and subsidies to the purchase of health insurance in federal exchanges created in states without exchanges of their own. This rule lacks statutory authority. The text, structure, and history of the Act show that tax credits and subsidies are not available in federally run exchanges. The IRS rule is …

A Tax Hike Liberals And Conservatives Should Both Like, Nathan B. Oman

Popular Media

No abstract provided.

Extending The Taxation-Of-Risk Model To Timing Options And Marked-To-Market Taxes, Eric D. Chason

Faculty Publications

No abstract provided.

A Primer On Us. Taxation Of International Transactions (Outline), William B. Sherman

William & Mary Annual Tax Conference

No abstract provided.

A Primer On Us. Taxation Of International Transactions (Slides), William B. Sherman

William & Mary Annual Tax Conference

No abstract provided.

Statute Of Limitations For Overstatements Of Basis, Richard T. Rice

William & Mary Annual Tax Conference

No abstract provided.

Federal Tax Update: Structuring Deals In 2012 And Beyond (Slides), Stephen L. Owen

William & Mary Annual Tax Conference

No abstract provided.

Federal Tax Update: The Current Situation And The Prospects For Reform (Slides), Harry L. Gutman

William & Mary Annual Tax Conference

No abstract provided.

Recent Developments In Federal Income Taxation, Ira B. Shepard

William & Mary Annual Tax Conference

No abstract provided.

The Post-Tarp Movement To Regulate Banker Pay, Eric D. Chason

Faculty Publications

No abstract provided.

Form 8283 And Instructions

William & Mary Annual Tax Conference

No abstract provided.

Roth Ira Conversions Ii: Beyond The Basics (Slides), Mitchell A. Drossman

William & Mary Annual Tax Conference

No abstract provided.

Converting To A Roth Ira - 2010 And Beyond (Slides), Mitchell A. Drossman

William & Mary Annual Tax Conference

No abstract provided.

Roth Iras Planning For 2010...And Beyond, Mitchell A. Drossman, Lester B. Law

William & Mary Annual Tax Conference

No abstract provided.

Ten Tax Strategies For Compensating Your Key Employees, Catherine M. Marriott

William & Mary Annual Tax Conference

No abstract provided.